updated 11:00 pm EDT, Thu May 23, 2013

Waze data currently used in Apple maps, could be integrated into Google Maps

Reports have surfaced that Google is considering a competitive bid for map software developer Waze. The move comes after sources indicated that Facebook had held talks to buy Waze. Reportedly, no one company is close to closing the deal, and Waze itself may choose to use venture backing to expand its services rather than seek a buyout.

Waze's first round of funding came from an assortment of investors, including Kleiner Perkins Caufield & Byers, and Microsoft. Over $30 million was raised in 2011. The company generates revenue through location-based advertising served to users of its service.

The initial report of Facebook's interest in Waze claim that the discussions have been going on for the last six months, and due diligence is being performed now. The deal is reportedly worth just less than $1 billion. A sticking point in the negotiations with Facebook is reportedly whether Waze should be kept in Israel or moved to the United States.